According to Federal Reserve data, the U.S. Treasury General Account increased by $148.003 billion before September 16, causing commercial bank deposits at the Federal Reserve to decrease by $114.971 billion during the same period, tightening the financial system's reserve pool. Despite this, the overnight funding market remained stable, with the Secured Overnight Financing Rate (SOFR) still 5 basis points below the Federal Reserve's new interest on reserves rate on September 17. This liquidity shock did not trigger a broader funding squeeze, providing support for risk assets. During this period, Bitcoin rose from approximately $76,147 to over $80,000, trading at around $82,000 at the time of publication.